Shares of JSW Steel Ltd gained over a per cent in Friday's trade as Naveen Patnaik, Chief Minister of Odisha, laid the foundation stone for JSW Steel's greenfield integrated steel manufacturing complex at Paradip in Odisha. JSW Steel & JSW Group entities have proposed to invest around Rs 65,000 crore in order to establish the integrated complex in a phased manner.
The integrated manufacturing complex, once complete, would house integrated steel manufacturing unit, jetties, power plant and a cement unit. Following the development, the steel stock rose 1.5 per cent to hit a high of Rs 824.40 on BSE.
In a filing to BSE, JSW Steel said the greenfield integrated green steel complex will be set up at Dhinkia Nuagaon and Gadakujanga under Erasama Tehsil, Jagatsinghpur district. The Industrial Development Corporation of Odisha (IDCO) has handed over 2,958 acres of land to JSW for setting up the integrated manufacturing facility with 30 per cent of the total project land to be dedicated for preservation of forests and water bodies, it said.
"JSW Steel & JSW Group entities have envisaged an investment of approximately Rs. 65,000 crore, subject to necessary approvals, in order to establish this integrated complex in a phased manner. The ground-breaking ceremony hosted more than 30,000 people from neighboring villages, people’s representatives, technocrats, and industry experts," it said.
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